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"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Wednesday, September 14, 2011

Limiting the Damage of a Greek Default

Limiting the Damage of a Greek Default
Wall Street Journal
The market is no longer fooled. It can see the default is coming. Its only concern is how large the losses will be, who will bear them and whether the euro zone has a strategy to limit the contagion. What has now become clear is that the euro-zone ...

Student Loan Default Rates Rise Sharply in Past Year
New York Times
“We see a strong relationship between student default rates and unemployment rates.” Although the new overall rates are the highest since the 1997, when they were also 8.8 percent, default rates peaked in 1990 at more than 20 percent. ...

European Bank Default Insurance Costs At Record
Wall Street Journal
By ART PATNAUDE And SARKA HALASOVA LONDON—The cost of insuring the debt of European financial companies against default continued pushing to fresh record highs Tuesday, with French and Italian banks leading the way amid concerns about their exposure ...

Global Stocks Move in Unison On Fears of New Credit Crisis
CNBC.com
The reason: growing worries that a Greek default will spark another global financial crisis, where access to funding trumps any individual merits of companies. “The difference between investing in emerging markets equities, developed markets equities ...

Greece Should 'Default Big' to Address Debt Crisis, Blejer Says
San Francisco Chronicle
Blejer's statements puts him at odds with German Chancellor Angela Merkel, who said the risks ofcontagion from a Greek default are too big and that an "uncontrolled insolvency" would further agitate turbulent global markets. ...

Huge Surge in Bank of America Foreclosures
CNBC.com
Bank of America is ramping up its foreclosure processing, sending out far more notices of default to borrowers in August than in previous months, well over 200 percent more month-to-month. A notice of default is the first stage of the foreclosure ...

Correction: BC-EU--Europe-Financial Crisis story
Washington Post
12 story about Europe's financial crisis, The Associated Press erroneously described some figures in a new European Commission report on European public finances. The AP characterized the Commission estimates for Greece's deficits as new, ...

GE to buy back Buffett's financial crisis stake
Reuters
N) preferred stake in the largest US conglomerate, handing back a lifeline it grabbed during the 2008 financial crisis. The company said in a regulatory filing it would pay $3.3 billion, plus unpaid dividends, to cash in famed US investor Warren ...

Financial Crisis Took Away 'Deep Pocket' Investors, IMF Says
BusinessWeek
Long-term investors, including insurance companies, have changed allocation strategies since the beginning of the global financial crisis amid growing liquidity and sovereign-debt risks, the IMF said in a chapter of its Global Financial Stability ...

NZ dollar may extend slide amid fears of a Greek default
Stuff.co.nz
The New Zealand dollar is poised to head lower as investors eschew higher-yielding, or riskier, assets amid fears Greece may have to default on repaying debt. The kiwi fell to US81.55 cents at 5pm from US82.08 cents at 8am and was down from US83.33 ...

Rand Gains First Day in Four as Merkel Calms Default Concerns
BusinessWeek
Merkel said she won't let Greece go into an “uncontrolled insolvency” because of the risk ofcontagion for other countries. Italian officials have held talks in the past few weeks with Chinese counterparts about potential investments in the country, ...

Sovereign, Bank Bond Risk Reach Records on Greek Debt Concerns
San Francisco Chronicle
German Chancellor Angela Merkel's vow to avoid letting Greece go into "uncontrolled insolvency" because of the risk of contagion for other euro-area countries has failed to reassure investors. BNP Paribas SA stock fell 12 percent in Paris after an ...

Fitch lowers issuer default rating for USG
BusinessWeek
Fitch Ratings said Monday it has lowered its issuer default rating for USG Corp. a notch to "B-" from "B" and retained its negative rating outlook for the building materials manufacturer. Fitch said it expects the continued slump in new construction to ...

Work collectively to overcome global financial crisis: Pranab
The Hindu
Mr. Mukherjee's comments came close on the heels of the country's industrial production falling to a 21-month low of 3.3 per cent in July and the likelihood of a sovereign debt default by Greece looming large again. The Finance Minister said the growth ...

TSX slips on fears of Greek default
Toronto Star
The Toronto stock market opened slightly lower Tuesday as commodity prices rose but investors fretted about a Greek debt default despite indications that Athens was making progress in meeting the demands of creditors. The S&P/TSX composite index fell ...

French Banks Default Swaps Soar; Italy Sells €3.8 Billion Debt
123Jump.com
Credit default swaps to insure $10 million of Credit Agricole debt increased to 3.25% yesterday from 1.1% in April. Similar derivative contracts on Societe Generale surged to 4.5% from 1.05% in April. Societe Generale said in a press note that it has ...

Copper Price Up in Wake of Greek Default Fears
Copper Investing News
By Leia Toovey- Exclusive to Copper Investing News Copper plunged to a one-month low on Monday, as fears that Greece would default on its debt permeated the markets. Prices steadied on Tuesday, with the red metal moving in concert with the improving ...

Default threat boosts case for gold, Sprott says
Globe and Mail
The market has already made that decision, that this is the safest asset when there is potential financial contagion.” Gold has risen in each of the past 10 years and is up 29 per cent this year. It reached a record $1921.15 (US) on Sept. 6. ...

Egypt default risk highest since January after embassy attack
Ahram Online
Egypt's default risk climbed to the highest level in more than seven months in the wake of the weekend storming of the Israeli embassy in Cairo, as credit default swaps saw heavy interest. In Monday trade, the cost of five-year contracts against the ...

Europe's Economic Crisis: Could Default in Greece, Eurozone Sink ...
By Zachary Karabell
The issues aren't new: concerns over the contagion of a default of Greek debt, or Irish or Portuguese or Italian, have been percolating for more than a year and a half. But there is a definite sense of late that these issues are potentially spinning ...
articles

Greek Default Almost Assured | FDL News Desk
By David Dayen
Greek bonds plunged, sending the 10- year yield to 25 percent for the first time. It's not so much the Greek lost cause but the contagion that has spread elsewhere that's the real problem. Credit defaultswaps on debt from Italy, France, Belgium ...
Firedoglake

GE to buy back Buffett's financial crisis stake
By The Huffington Post News Editors
(Reuters) - General Electric Co <GE.N> said on Tuesday it would buy back Berkshire Hathaway Inc's <BRKa.N> preferred stake in the largest U.S. conglomerate, handing back a lifeline it grabbed during the 2008 financial crisis. The company ...
The Full Feed from HuffingtonPost.com

Default Already Will Ya? | WallStreetOasis.com
By Midas Mulligan Magoo
Will Greece default this week? The question that has been on many minds over the past two years could come to a head in the oncoming days. Maybe it's the NFL season getting to me already, but I can't help to feel like I am watching a team tries to punt on every down. Whether kicking the feta down the ... With the DAX plummeting and the Greeks doing the deer in headlights routine, fear of contagion to countries such as Italy and Spain is greater than ever. It seems as though we are ...
WallStreetOasis.com - Your Finance...

ROBERTSON: GREECE WILL DEFAULT, “MACRO IS SO BAD ...
By Cullen Roche
Hedge fund guru Julian Robertson was on CNBC this afternoon to discuss the state of the global economy. He says we are in plenty of trouble and that Greece is certain to default. He sees a great dichotomy between the macro and the micro.
PRAGMATIC CAPITALISM

What Could the Greek Default Mean for You? | Credit.com News + ...
By Christopher Maag
Even Alan Greenspan, the former Federal Reserve chairman (who, rather famously, failed to see the gathering storm clouds of subprime mortgage lending and securitization that eventually caused the 2008 financial crisis) is pessimistic, telling ...
Credit.com News + Advice

NewsDaily: Merkel warns against Greek default, euro exit
German Chancellor Angela Merkel said on Tuesday that Europe was doing everything in its power to prevent Greece from defaulting on its debt and cautioned that an exit from the euro zone would unleash "domino effects" and should be ...
NewsDaily: Top Headlines

Financial Crisis Inquiry Commission Chairman Phil Angelides Tells ...
By Scott RubinFinancial Crisis Inquiry Commission (FCIC) Chairman Phil Angelides spoke with FOX Business Network's (FBN) Liz Claman about the United States economy and the state of Wall Street three years after the collapse of Lehman Brothers. ...
Benzinga - The Trading Idea Network

Greek Default Now Looms | iStockAnalyst.com
Yes Greece is a small country in the big scheme of things, but the real fear is that if Greece defaults then debt fears will spread to Ireland, Italy, and Spain and cause those countries to default on their debts too. These fears are now becoming ...
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